Agent

Interest in overpriced real estate wanes

Where have the buyers gone?
Published on Sep 30, 2011

Beautiful homes in desirable locations can sit on the market for months simply because they are priced too high and the sellers won't reduce the price. Sellers often tell their agent to encourage buyers to make offers, but buyers usually don't.Although this may seem counterintuitive to sellers, buyers have good reasons for not making offers on listings that are overpriced for the market. A high price can signal an unrealistic seller.Today's market is challenging. Buyers are nervous, busy and usually not in a rush to buy. There is no sense of urgency to buy now, so buyers are waiting for the right house at the right price. Buyers don't want to waste time trying to convince sellers that they are right about the market value of their home and the sellers aren't. Most buyers prefer to wait until the sellers reduce the price to a reasonable level and then make an offer. It's not uncommon for a seller to receive an offer almost immediately after the price is lowered, and sometimes...

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